"Sacrificial" Current Account

arbster

I'm planning to do the rounds of the banks to secure the free switching money, but don't want to get rid of either of my two existing current accounts (Santender 123 and First Direct 1st Account). So, I would like to open a new account, move a couple of direct debits and a "seed" payment from my main account, before switching it to the first target bank shortly afterwards.

Can anyone suggest a good candidate bank? Possibly one that pays cashback somewhere, won't dawdle in getting my account set up, and is part of the fast switching programme.

As a final point, have people encountered any specific challenges in being serial switchers to harvest the freebies?

Archi_Bald

Similar Qs have been asked dozens of times. You can apply with any bank but your existing ones might be fastest.

As to switching experiences, look around the forum.

jimjames

arbster wrote: »

As a final point, have people encountered any specific challenges in being serial switchers to harvest the freebies?

MSE bank forum might have more info on switching than this one if that helps.

Just make sure you follow EXACTLY the criteria to receive incentives including small print! I fell foul of Coop details.

arbster

jimjames wrote: »

MSE bank forum might have more info on switching than this one if that helps.

Just make sure you follow EXACTLY the criteria to receive incentives including small print! I fell foul of Coop details.

I trawled the Bank forum, but couldn't find a good recommendation for a current account that processes application quickly, hence decided to switch my existing FD account and then probably re-apply for one so that I can get their Regular Saver.

I'll also be sure to be diligent with the small print. Co-op is on my list - what did you fall foul of?

jimjames

arbster wrote: »

I'll also be sure to be diligent with the small print. Co-op is on my list - what did you fall foul of?

You have to transfer DDs and keep them going. One of mine was accidentally cancelled after the transfer which meant payment was rejected. It was only in the small print that it said you had to keep the DD active.